Rugby, Tennessee Property Taxes
The median property tax rate in Rugby, TN is 0.68%, slightly above the state median of 0.64% but lower than the national median of 0.99%. With a median home value of $193,750 in Rugby, the typical annual property tax bill is $1,317, which is significantly below the national median of $2,690. Property taxes in Rugby are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a comprehensive understanding of Rugby's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Rugby or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rugby, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,318
$1,223
Ownwell’s Rugby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rugby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rugby to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Rugby, Tennessee
Property taxes in Rugby, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rugby is 0.68%, which is lower than both the Tennessee state median of 0.71% and the U.S. national median of 0.99%. Local government entities within Rugby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rugby estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Rugby's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37733 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Rugby provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rugby Tax Rate
0.68%
Average Morgan County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rugby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37733 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Rugby, Tennessee
In Rugby, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the county appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Rugby, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Rugby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rugby are both $1317, found in the 37733 zip code.
Average Rugby Assessed Value
$193,750
Average Morgan County Assessed Value
$87,650
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rugby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37733 | $88,680 | $134,500 | $193,750 | $217,650 | $286,360 |
Source: Ownwell
Property Tax Bills Across Rugby, Tennessee
In Rugby, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For example, if the median home price in Rugby is $193,750, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. In Rugby, the tax bill can vary significantly, with the 25th percentile at $914 and the 75th percentile at $1,480. For those at the 90th percentile, the tax bill can reach up to $1,963. Compared to the national median property tax rate of 0.99%, homeowners in Rugby experience a range of tax burdens. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Rugby Tax Bill
$1,317
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Rugby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37733 | $603 | $914 | $1,317 | $1,480 | $1,963 |
Source: Ownwell